Principality Building Society, in partnership with the Building Societies Association (BSA), celebrated the 250th anniversary of the UK’s first building society at a reception in Welsh Parliament (Senedd), recognising the sector’s contributions to communities across the UK.
Hosted in the Senedd, the reception brought together Members of the Senedd, industry leaders, policymakers, and BSA (building societies) members to reflect on the positive impact of building societies throughout history.
Speakers Robin Fieth, Chief Executive of the BSA; BSA Chair and Chief Executive Officer for Principality Building Society, Julie-Ann Haines, and Jane Hutt MS, Cabinet Secretary for Social Justice, Trefnydd and Chief Whip, highlighted key milestones in the sector’s legacy, including its contributions to helping millions of people buy homes, accessible savings offerings, and supporting financial literacy.
The event marks one of Haines’ final speeches as Chief Executive Officer of the Principality Building Society, before handing the role over to Iain Mansfield later this month.
The first building society was founded by Richard Ketley in 1775 at the Golden Cross Inn in Birmingham, where local workers pooled their savings to help each member buy a home – creating the mutual model that underpins modern building societies.
The 250th anniversary of the first building society aligns with the 165th anniversary of Principality Building Society, which earlier this year reaffirmed its commitment to its high street and community presence until at least the end of 2030.
Principality’s continued investment in local communities is further demonstrated by its partnership with shared banking innovator OneBanx to bring cash services to rural areas in Wales affected by bank closures.
Chief Executive Officer of Principality Building Society and Chair of the BSA, Julie-Ann Haines, said:
“Building societies first emerged as innovative challengers to traditional banking, by offering a mutual model not answerable to shareholders, meaning we can focus on delivering value to our savers and borrowers.
I was proud to stand alongside our peers this week, in marking a significant milestone for the mutual movement and reaffirming our collective commitment to supporting our Members, high streets, and communities across Wales and beyond. As Principality commemorates our own 165th anniversary this year, we’re continuing to evolve as a modern mutual, addressing the same community challenges that first inspired building societies 250 years ago”
Robin Fieth, Chief Executive of the Building Societies Association, said:
“As we celebrate 250 years of building societies, it’s great to do so here in the Senedd, recognising Wales’ proud contribution to the original mutual movement with three of our members – Principality, Swansea and Monmouthshire building societies – headquartered here. From those early beginnings in Birmingham, building societies have helped millions of people buy their home, have a safe place for their savings and built stronger communities.
The principles of mutuality and community remain at the heart of what we do today and this milestone is both a celebration of our shared heritage, and a reminder of the vital role building societies continue to play in supporting financial resilience and local prosperity across the UK.”
Jane Hutt MS, Cabinet Secretary for Social Justice, said:
“As we celebrate 250 years since the first building society was founded, we recognise the lasting impact these organisations have on communities across Wales by helping families save, buy homes, and build secure futures.
“Financial inclusion is at the heart of our social justice mission, and we will continue working to ensure everyone has access to affordable and sustainable services.”
